As deadline looms, Trump team must delay fiduciary rule
February 27, 2017 | by DALE BROWN | The Hill
Working with a financial advisor is critical to achieving a dignified retirement. People who work with a financial advisor save more money, get better returns on their investments, avoid costly mistakes and have greater confidence in their financial futures. In fact, retirement savers who worked with an advisor had nearly 60 percent more money after four to six years, compared to those who invested on their own.
However, in a few months, many investors will only be able to receive limited access to retirement advice from their financial advisors due to the new regulations from the Department of Labor (DOL).
Fiduciary Rule Harms Retirement Savers
Due to the rule’s increased compliance costs, low and middle-income investors will be forced out of their preferred model for investing and into robo-advice or no advice at all. A robot doesn’t know a client’s retirement goals, fears, or whether an emotional investment decision he or she may be about to make could jeopardize his or her retirement security.
